Wednesday, December 12, 2012
Annapolis City Council unanimously voted instead to take at least 90 days to completely re-work the legislation.
A short-term fix for Annapolis' affordable housing program has been tabled by City Council in favor of overhauling the entire law. "I think that we really do need to go back to the drawing board, and I’m not sure that this fix is coming close to doing that," Alderman Ross Arnett (D-8th Ward) said. "Every time we look at it more questions come up. I would argue at a minimum that we postpone and send this back to committee to really explore this program." The program is the Moderately Priced Dwelling Unit (MPDU) Law, which passed in 2004. It requires new developments with more than 10 units to provide 12 percent of its homes and 6 percent of its rentals for less than market value. People who live or work within city limits are eligible to …
Wednesday, November 14, 2012
Since the moderately priced units came on the market this summer, the program has been plagued by a series of hiccups.
The city of Annapolis may soon expand its affordable housing program to county residents while it overhauls the entire legislation. "When the legislation was written there was an omission," said Theresa Wellman, chief of community development for Annapolis. "When I looked at other communities, they all have regulations for what to do if builders are unable to find qualified buyers." The Moderately Priced Dwelling Unit (MPDU) Law passed in 2004. It requires new developments with more than 10 units provide 12 percent of its homes and 6 percent of its rentals for less than market value. People who live or work within city limits are eligible to buy these homes if they earn 100 percent or less than the area's median family income, which ranges…
Friday, July 27, 2012
A 2004 city program that requires developers to set aside some of their units for sale at below market value has finally brought its first homes to the market in Annapolis.
Middle- to low-income families looking to buy a home in Annapolis will now have nine moderately priced options to choose from, according to the city. The new homes are a mix of condominiums and townhouses and are priced in the low- to mid-$200,000 range. That's about $100,000 less than the average sales price of a home in Annapolis, and about $500,000 less than the average listing price in Annapolis, according to Trulia.com. The lower prices are due to a 2004 law passed by the city establishing the Moderately Priced Dwelling Unit (MPDU) program. It requires new developers to price 12 percent of the units they build below the market rate. Because of the down turn in the housing market, no new developments were under construction until …
Mike
10:23 am on Thursday, November 15, 2012
"Our main problem in approving people is the credit rating. We validate your income and give you a certificate. But once they get it, they have to get approval from the mortgage companies," "Alderman Ross Arnett (D-8th Ward) initially wondered whether raising the income qualifications for city residents would help sell the units." Repealing the law of gravity isn't going so easily, huh? more ›